Trustco Wins Shareholder Approval For 25 Million Stake In Legal Shield Holdings
- Trustco secures shareholder approval for NAD468 million 25 million acquisition of 11.35 stake in Legal Shield Holdings LSH.
- 99.79 of shares voted in favor, with high participation at the general meeting on January 7, 2025.
- The acquisition strengthens Trustco's position in Namibia, boosting its stake in LSH to 91.35, enhancing growth prospects.
Trustco Group, a diversified investment holding company controlled by Namibian businessman Quinton van Rooyen and his family, has received shareholder approval to acquire an 11.35 percent stake in Legal Shield Holdings LSH for NAD468 million 25 million.
The resolution was passed with strong support at a general meeting on January 7, 2025, according to a market update on the Johannesburg Stock Exchange. This follows the companys December 5, 2024 circular outlining the transactions terms.
The deal, which marks a major move for Trustco, will proceed as planned, with all conditions either met or waived. LSH is a leading insurance provider based in Windhoek, Namibia.
Trustco gets green light for dealThe voting results at the General Meeting were positive, with 99.79 percent of shares in favor of the acquisition.
A total of 392,083,092 shares supported the resolution, while 817,920 shares abstained 0.08 percent. The resolution granting Trustcos directors authority to finalize the deal also received 99.79 percent approval, with 392,098,092 shares in favor and 802,920 abstaining.